How feasible is it financially for an amateur to convert a small “historic†building in the downtown or surrounding area for residential and/or commercial use (i.e. loft upstairs, store front/office downstairs)? This is something I’m potentially interested in doing, although I have no experience in doing so aside from the renovations I’ve done on the 1920s bungalow I currently live in. Has anyone here done something similar? Can you recommend any resources or contacts at the city or otherwise to learn about potential incentives, zoning restrictions, or any other useful information about reclaiming an unused building for personal use? I have a few buildings in mind (some actively for sale, some not) that seem like they’d fit my needs, but without getting inside, it’s incredibly difficult to gauge the amount of work necessary to bring them back to habitable condition. At this point I just don’t have enough information to know if this is financially “doableâ€. Any suggestions are appreciated. Thanks!
Initially I'd like to do a project for myself (at least the residential portion) and lease the commercial space below to help pay the mortgage. If all went well, I'd also like to rehab other buildings to (1.) provide affordable "cool" urban living spaces to meet the needs of what I believe to be an untapped market of potential homeowners in the downtown area and (2.) replace my 9-5 office job with something I'm more passionate about while (3.) helping to revitalize and beautify the downtown area one small piece at a time.
Buy the biggest building you can afford. In this market, there are a lot of deals out there. And, why rent and make improvements to someone else's property when you can buy and enjoy the appreciation when you improve your own property?
let me know if you need someone for cabinets, countertops, plumbing or electrical. got a very quality guy (he installed all the electrical in Lowe's here in FL as they opened up for years and he is now the cabinet/countertop business as well...he helped me re-pipe my house & re-did 2 of our bathrooms). very affordable compared to anyone else i've ever met.
Is he a licensed plumber?
I am definitely interested in purchasing and not leasing. I don't have much hands-on contracting and building experience, just what I've done on my own house, but I have worked in the residential construction field for several years, so I know how the pieces of the puzzle come together and have plenty of contacts in each field to get the work done. Is there a better way to go about finding properties that are available or in foreclosure aside from driving around looking for signs? Also, what about vacant city-owned buildings?
Excellent...I'll start reviewing the Daily Record regularly.
Certainly. My thought was to get the commercial space cleared out to "bare bones" so to speak and then build to suit based on a contracted tenant's needs.
This is exaclty what I have been looking to do, just didnt know how to go about doing it or where to search for property that is for sale downtown. But really I am just looking to buy a floor of a building and turn that into a loft where I can live. Would like a 2000 to 4000sq ft. just an open floor with nothing in it, I will build it out myself. Any Ideas? I wouldnt mind buying a whole building and maybe sale the other units or rent out space, but more than that I just want a loft all to myself! :)
Stephen, you said you had 8 projects in the area, what are those, be curious to know.. I have been looking for lofts for a while, but dont know of that many loft projects in Jacksonville.....
chelsea, WA Knight, lofts of san marco, main street lofts, home street lofts, 1661 riverside, 1951 market, what else is there........ not counting all the ones that were supposed to get built downtown but got cancelled.....
QuoteIncreasingly, urban dwellers are finding that loft apartments offer the location and opportunities of city life with far more space than average condos or apartment homes. What's the idea behind lofts, and why are they so popular?
What is a "hard" loft ?
A true loft is a conversion of a vintage factory or warehouse. They have a harder edge as they are usually constructed of concrete or "mill" construction of exposed brick, original wood posts, beams and floors. Typically, these lofts have an open floorplan and unfinished ceilings that are at least 10' high with exposed ducts, plumbing and electrical. These types of loft, which are rare in Vancouver, can usually be found in Gastown, Yaletown or Crosstown.
What is a "soft" loft?
In recent years developers have built new buildings with some of the characteristics of a hard loft such as high ceilings, big windows and open floorplans. These lofts typically have a softer edge......no exposed ducts and plumbing, carpet in some areas and upscale kitchens and baths. Soft lofts have more in common with traditional condominiums than a true hard loft.
What is an "artist live/work" loft?
In the late 1980's the City of Vancouver passes a bylaw that allowed the development of buildings with "artist live/work" zoning. The first of these developments appeared in the Brewery Creek area of Mount Pleasant in the early 1990's and most featured minimal finishing, 16' ceilings and steel frame construction. The City's zoning restricted their use to people who were engaged in a precisely defined list of artistic activities. Over time these buildings have come to be occupied by people who simply enjoy the loft life.
Here are some of the unique joys of the loft life:
Industrial buildings.
The term loft began in New York and Chicago when renters and owners began turning old industrial buildings into living spaces. The original tenants were artists who craved the high ceilings, large windows and open floor plans typical of converted warehouses and factories.
Open spaces.
The primary benefit of loft living is the large open spaces that allow you to live and move how you want, rather than having your movement defined by a permanent floor plan of walls, doorways and rooms.
Define your areas.
In a loft, the floor plan can be fluid and ever changing. You can set up a sleeping area in one part of the space, then move it somewhere else if you have guests or if you just need the area for another use. Kitchens and bathrooms are more permanent, of course, but temporary partitions, hanging curtains, or even changes in floor covering can define other spaces.
Eclectic style.
Another nice aspect of many lofts is the opportunity for eclectic design and decorating. For example, a loft might feature soft, delicate window treatments on reinforced factory windows, or a modern couch sitting on a hundred-year-old hardwood floor. This mixture of old with new and practicality with comfort can form a wonderful esthetic that makes the most of a loft's mixed-use nature.
Lofts used to be considered multi-function residences with both living and work spaces within them. They've now evolved to become simply fashionable residences.
Not everyone agrees on what exactly a loft is. Purists argue that lofts only refer to factories or plants that have been converted into residences. Required accents in these homes include huge windows, beams or columns supporting 16 foot ceilings, and a maple or concrete floor.
Newer developers believe that lofts refer to any apartments that fit the principals of loft design: open layouts, large windows, and unique finishes in an urban location. These discrepencies have led to new terminology such as new loft, fake loft, soft loft, loft-inspired, mezzanine suites, "true" lofts and loft-influenced.
Lofts are generally decorated in a minimalist style with high ceilings and soaring views of the city skyline.
http://www.loftsvancouver.com/WhatIsALoft.php
Its kind of strange that a city with as many old brick buildings still standing does not have that many (if any) authentic "hard lofts".
Ditto that Stephen. I've always been confused as to the perceived definitions of the word "loft". I think that article pretty well sums it all up.
stephen, im with you, I like the Hard loft style, huge open areas, exposed ceilings and duct work, exposed brick, etc. But where in the world would you begin to look for something like this downtown? you cant look up residential real estate, and I have tried commercial real estate sites, but just havent had any luck.
do you just need to know someone to find one of these places or what? I would love to find something, if you had any info or connections, I appreciate any help! :)
Glad to know there are like-minded people out there as far as "hard" lofts are concerned here in Jacksonville. That's exactly what I'm looking to create since none of the projects currently available on the market are offering a true loft, regardless of how their marketing teams label them. Churchwell Lofts were the closest thing I've seen, but still somewhat "apartment-like" and the decent-sized units are out of my price range anyway. I'm going to walk around downtown this weekend to jot down addresses and start trying to track down property owners.
Hey Tree, I think HOme Street lofts on Hendricks are about the most "hard" lofts you will find in Jacksonvile. they have steel beams exposed, duct work, awesome brick walls. But they ae pricey as well, about same prices as Churchwell. At Homestreet the first and second floor lofts are about 800 sq ft, the 3rd floor are two story lofts, about 24' tall ceilings... very nice, but still pricey... let me know what you find. I am not in the market to do any investing stuff perse', just looking for an awesome place to live downtown........
Does anyone know what the 4 story brick buidling in Five points is, the one that is above the old movie theatre? Looks like some of the offices have something in them, while there are some that look vacant.., would be a great place for a loft. Just wasnt sure if this was an office complex or what......
You can go here and see a street view of the property.. I havent been in this particular area in a while, so wasnt sure if someone had gotten a hold of it and maybe doing something with it or not. But looks like it has alot of potential!! :)
http://maps.google.com/maps?q=1020+Park+St,+Jacksonville,+F.L.+32204,+USA&sa=X&oi=map&ct=title
Yeah I thought about mentioning Home Street lofts as well, but they are indeed pricey, and small at that. The old Club 5 building was turned into offices I believe...no living spaces in that building that I'm aware of.
The downtown buildings are pricey. If you're looking at doing your own thing, try an area like Springfield or Myrtle Avenue. There's a ton of older brick buildings available in these areas that would be good candidates for affordable loft conversions.
What about the west end of downtown (or what's left of it), south of LaVilla? I see that as an opportunistic area that may see more activity once the new city hall construction gets moving. I'm not sure where Myrtle Avenue is...I'll mapquest it.
There are a few for sale in that area, which was once Jacksonville's Red Light District. I'm not for sure about pricing now, but a few months ago asking prices were pretty bloated due to speculation of what they would be worth with the county courthouse coming in.
The most significant cost you'll have is buying the property. Depending on what you want to do with the interior, everything should be downhill at that point. My advice would be if your interested in that area, jump on it now before the courthouse breaks ground so you can get in at a cheaper price. The most interesting buildings are in the area bounded by Davis, Adams, Clay and Forysth Streets.
Here's a link to some images of buildings in the old Red Light District:
Houston Street: Jacksonville's Red Light Districthttp://www.metrojacksonville.com/content/view/695/117/
QuoteI'm not sure where Myrtle Avenue is...I'll mapquest it.
Myrtle is the street that Bay terminates into while heading west. Its an old former early 20th century industrial district that went downhill when sprawl took over the city and the S-Line railroad tracks were pulled up. Except for a few streets, the area is now cut off from downtown by I-95, but its still centrally located and has a ton of smaller older warehouse buildings that would be ideal for hard lofts. If we are successful in getting commuter, light rail or streetcar line back on that rail ROW, this area would easily become Jacksonville's version of Portland's Pearl District.
Here's images of buildings along Myrtle, as well as of the old Springfield Warehouse District.
Where are they and what do they have in common? http://www.metrojacksonville.com/content/view/537/115/
Very Cool! Thanks guys this is awesome information!!
I have always been interested in the same thing however have not been able to put the numbers together alone as of yet. I am a licensed general contractor and a licensed architect. I believe I could bring a good deal to the table including substantial financial savings to a project if I were part owner. I would definitely be interested in a partnership if an opportunity exists. I'm also a former fine art painter who wants to get back into it and the open space that could be gained from such a venture is very appealing.
If anybody is interested in contacting me outside the forum to discuss the development of a small residential loft building (the fewer units the better in my opionion), I can be reached at TREE4309@Comcast.net. Nothing official...no commitments...just to start conversation/research...a fact-finding mission if you will.
Thanks!
-Todd
I'm meeting a property owner tonight to look at some raw loft spaces downtown...details to follow!